Electric Vehicle Market worth 39,208 thousand units by 2030

The electric vehicle market size is projected to grow from 8,151 thousand units in 2022 to reach 39,208 thousand units by 2030, at a CAGR of 21.7%. Factors such as growing demand zero emissions commuting and governments supporting low emission vehicles through subsidies & tax rebates have led to automakers adopting to EV's and growth of Electric Vehicle market.

Browse 262 market data Tables and 104 Figures spread through 324 Pages and in-depth TOC on "Electric Vehicle Market by Component, Vehicle Type, Vehicle Class, Propulsion (BEV, PHEV, FCEV), Vehicle Drive Type (FWD, RWD, AWD), Vehicle Top Speed (125 mph), Charging Point Type, Vehicle Connectivity, End Use, Region-Global Forecast 2030"

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209371461

Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting zero emission vehicles over Petrol or Diesel ones. People have recognized the need for promoting zero emission vehicles to reduce the increasing pollution. To attract and encourage people to buy EV's, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower vehicle acquisition taxes, lower road taxes for zero emission vehicles etc.

The passenger car segment to be the largest segment during the forecast period

The electric vehicle market for passenger cars is largest in Asia Pacific followed by Europe and North America. In Asia, China, Japan and South Korea are the countries leading the passenger EV market in the region. This is due to the strong government support for passenger EV's in these countries. Germany, France, Netherlands, Norway, Sweden, UK etc. are the top countries in the European region with a growing demand for EV passenger vehicles. These countries have come out with string emission regulations and a variety of subsidies, grants and incentives for shifting to EV's. in 2020, due to these measures, Europe's EV sales went beyond China's EV sales, but China sold more EVs in 2021 due to the growing demand of mini-EVs. North America is also increasing EV passenger car demand with various states in US and Canada leading the electrifying trend. MEA countries have started to increase their EV market and are expected to be the fastest growing market in the coming years.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=209371461

Rear wheel Drive EV's to be the fastest growing in demand during the forecast period

The demand for RWD EV's has been on the increase across all regions, particularly across Asia Pacific and Europe. This is due to its easier vehicle control and growing demand for these vehicles. North America also has seen a faster growth in these vehicles with Tesla Model 3 Standard version, BMW i3, Volkswagen ID4, Porsche Tycan etc. leading the market. In the coming decade, the growth of RWD EV's will be highest in MEA due to its newer market and mostly across Asia Pacific. The Wuling Hongguang Mini EV which made a big splash in the EV market in 2020 and 2021 is also a RWD popular across Asia and Europe.

Key Market Players:

The electric vehicle market is dominated by established players such as Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands).

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html

Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

One stop solution for all Market Research & Consulting needs.

This release was published on openPR.